CORONA, Calif Watson Pharmaceuticals today announced its reported revenue and earnings for the third quarter that ended on Sept. 30.
Net revenue for third quarter 2007 was $594.7 million and net income was $34.6 million. For the nine months that ended Sept. 30, net revenue increased 38 percent to $1,869.3 million, as compared to $1,358.1 million for the first nine months of 2006.
The net revenue for generics for the third quarter of 2007 increased one percent or $4.6 million to $357.7 million, compared to $353.1 million in the prior year period. Generic product sales for the third quarter of 2007 decreased $21.4 million to $326.2 million, primarily related to the loss of revenue from oxycodone HCl controlled-release tablets, following the termination of a distribution agreement, and lower sales of pravastatin sodium tablets.
Brand segment net revenue for the third quarter of 2007 increased 23 percent, or $19.7 million to $107.1 million, compared to $87.4 million in the prior year period due to increases in both brand product sales and other revenue. Brand product sales for the third quarter of 2007 increased 9 percent or $8.0 million to $93.5 million, primarily due to increased sales of Trelstar and Androderm.